JPMorgan Chase has publicly acknowledged for the first time that it closed the bank accounts of former President Donald Trump and several of his businesses following the events of January 6, 2021. This admission is a notable development in the ongoing legal showdown between Trump and the banking giant regarding allegations of “debanking.”
The acknowledgment was made in a recent court filing related to Trump’s lawsuit against JPMorgan and its CEO, Jamie Dimon. Trump is seeking $5 billion in damages, claiming that the decision to close his accounts was politically motivated, profoundly disrupting his business operations.
In the court documents, Dan Wilkening, JPMorgan’s former chief administrative officer, noted, “In February 2021, JPMorgan informed Plaintiffs that certain accounts maintained with JPMorgan’s CB and PB would be closed.” The terms “PB” and “CB” refer to JPMorgan’s private bank and commercial bank divisions.
Prior to this admission, JPMorgan had refrained from explicitly acknowledging the closure of Trump’s accounts in writing, instead discussing such matters hypothetically and citing privacy laws governing bank-client relationships.
A spokeswoman for JPMorgan did not elaborate on the bank’s legal arguments beyond those presented in the filings.
Trump’s lawsuit was initially filed in Florida state court, where he currently resides. The bank is now seeking to move the case to federal court and transfer jurisdiction to New York, where Trump previously managed most of his business dealings.
In the original complaint, Trump claimed he attempted to address the situation personally with Dimon after receiving the closure notices. According to Trump, Dimon assured him he would investigate the matter but failed to provide any follow-up. Additionally, Trump’s legal team alleges that JPMorgan placed the former president and his businesses on a “reputational blacklist,” which purportedly restricts clients from opening accounts with them in the future. The specifics of this alleged blacklist remain undefined by Trump’s attorneys.
The bank has previously expressed regret over Trump’s decision to sue but maintained that the lawsuit is without merit. Debanking—when a financial institution either closes a client’s accounts or refuses to conduct business with them—has emerged as a politically charged topic in recent years. Conservative politicians have argued that banks discriminate against them, particularly following the Capitol riots.
Trump’s legal representatives stated that JPMorgan’s admission aligns with their claims, asserting that the bank unlawfully and intentionally restricted access to financial services for Trump, his family, and his businesses, causing significant financial difficulties. They asserted that Trump is defending the rights of others who have similarly been debanked by JPMorgan and other financial institutions.
The debate surrounding debanking gained traction when conservatives accused the Obama administration of pressuring banks to cease services for gun retailers and payday lenders through an initiative known as “Operation Choke Point.”
In the aftermath of the Capitol attack, Trump and other conservative figures claimed banks unjustly cut off their services under the guise of “reputational risk.” Since Trump’s return to office, regulatory changes have aimed to prevent banks from using this rationale to deny service.
This lawsuit is not Trump’s first legal battle against a major bank over allegations of debanking. In March 2025, the Trump Organization filed a lawsuit against Capital One over similar claims, a case that remains ongoing.
